Update your real estate plan regularly to ensure it is aligned with your current circumstances and wishes. Although the time to update your real-estate plan varies, the ideal timeframe is three years. This blog post covers some situations that merit a real estate plan update. So, read on to find out!
Why You Should Update Your Estate Plan Regularly
Here are some reasons you should update your estate plan regularly:
1. A New Addition to Your Family
This often takes place when a family member joins the family. For example, a new kid or grandchild may have been born. In this situation, updating the documentation to name and include the new family members is best. Doing so would help you avoid disputes and legal actions. The plan also needs to be updated if you have a new in-law.
2. Changes in Financial Situation
Another factor that impacts your real estate plan is your financial situation. For example, if you have invested in new assets, your estate plans must be updated accordingly. Similarly, you should update your real estate plan if you sell or transfer assets. You may also want to update your plan to reflect tax law changes or take advantage of new planning opportunities.
3. Changes in Relationships
Another reason you may have to update your real estate plan is due to a change in relationships. For example, if you become estranged from a beneficiary or executor, you may want to remove them from your plan. Similarly, if you develop a close relationship with someone new, you may want to include them in your plan.
4. Relocation to a New State
For real estate, there is no uniform set of estate planning legislation. Every state has unique laws with distinctive particulars. Some variations, like the number of witnesses needed for a will to be legitimate, may appear insignificant. Others are more significant. For example, a spouse is entitled to receive a minimum part of the inheritance in many jurisdictions,
Final Word
Estate planning laws and regulations change over time, so it’s essential to update your plan regularly to ensure that it complies with current laws and is valid.
If your plan is outdated, it may be challenged or invalidated, leading to unintended consequences for your loved ones. If you are searching for an Estate lawyer Brooklyn, look no further than Ledwidge & Associates, P.C. Our experienced attorneys offer professional guidance throughout the estate planning Brooklyn process. Contact us today or dial 718-276-6656 to get the legal help you need.
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